ASCL to raise Rs 33.5 cr through IPO
Gujarat-based pigments maker Asahi Songwon Colors (ASCL) on Thursday said it would raise Rs 33.5 crore through an initial public offering (IPO) to part finance its capacity expansion programme.
By PTI |
MUMBAI: Gujarat-based pigments maker Asahi Songwon Colors (ASCL) on Thursday said it would raise Rs 33.5 crore through an initial public offering (IPO) to part finance its capacity expansion programme.
The company plans to increase CPC Blue Crude capacity to 10,800 million tonnes per annum (MTPA) at its Vadodara plant from the present 3,600 MTPA and set up a 1,200 MTPA Pigment Beta Blue manufacturing facility with a two MW captive power plant at a total investment of Rs 52 crore.
"SBI has already sanctioned a term loan of Rs eight crore and the rest Rs 44 crore would be financed by issuing fresh capital," company's Chairman and Managing Director Paru Jaykrishna told reporters here on Thursday.
She said that Japan's Dainippon Ink & Chemicals (DIC), the largest ink maker in the world, has recently invested Rs 10.5 crore to acquire a pre-IPO stake of 10.12 per cent in the company at a price of Rs 122 per share.
Jaykrishna said that the company has fixed the price band for the issue at Rs 90 to Rs 108 per share of Rs 10 each.
The issue would remain open from May 9 till May 15, she said, adding that post-issue promoters' stake in the company would come down to around 60 per cent.
Fortune Financial Services (India) is the Book Running Lead Manager (BRLM) for the issue, while Intime Spectrum Registry is Registrar to the issue.
During the nine-month period ended December 2006, ASCL recorded a turnover of Rs 53.2 crore, close to 78 per cent of which came from exports.
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